Income Tax: The proposal aims to introduce a provision in Section 206C of the Income Tax Act to allow the Board to notify rules for cases where credit of tax collected at source (TCS) can be given to a person other than the collectee. Specifically, it permits the parent to claim credit for TCS on funds remitted to a minor under the RBI's Liberalized Remittance Scheme, where the minor's income is clubbed with the parent's income u/s 64(1A). This amendment will be effective from January 1, 2025.
Income Tax: The proposal aims to introduce a provision in Section 206C of the Income Tax Act to allow the Board to notify rules for cases where credit of tax collected at source (TCS) can be given to a person other than the collectee. Specifically, it permits the parent to claim credit for TCS on funds remitted to a minor under the RBI's Liberalized Remittance Scheme, where the minor's income is clubbed with the parent's income u/s 64(1A). This amendment will be effective from January 1, 2025.
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